Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/312274 
Year of Publication: 
2023
Citation: 
[Journal:] Electronic Markets [ISSN:] 1422-8890 [Volume:] 33 [Issue:] 1 [Article No.:] 11 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2023
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
While decentralized finance (DeFi) has the potential to emulate and, indeed, outperform existing financial systems, it remains a complex phenomenon yet to be extensively researched. To make the most of this potential, its practitioners must gain a rigorous understanding of its intricacies, as must information systems (IS) researchers. Against this background, this study uses a multivocal literature review to capture the state of research in DeFi. Thereby, we (1) present a consolidating definition of DeFi as we (2) analyze, synthesize, and discuss the current state of knowledge in the field of DeFi. We do so while adapting the blockchain research framework proposed by (Risius and Spohrer, Business & Information Systems Engineering 59:385–409, 113 ). Furthermore, we (3) identify gaps in the literature and indicate future research directions in DeFi. Even though our findings highlight several shortcomings in DeFi that have prevented its widespread adoption, our literature review shows a large consensus on DeFi's many promising features and potential to complement the traditional financial system. To that end, this paper is presented to encourage further research to mitigate the current risks of DeFi, the payoff of which will be an enriched financial ecosystem.
Subjects: 
Blockchain
Crypto Finance
DeFi
Literature review
Research agenda
Smart contracts
JEL: 
G15
G23
O33
O34
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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